The Oklahoma Bar Journal December 2022

accounts that it pays on non- attorney accounts with the same balances and other requirements, the foundation will work with the attorney and the institution to resolve the matter. This is a welcome and needed change! Fully implemented interest rate comparability will increase revenue for the foundation’s IOLTA grant program and bring us in line with many other states that have long benefitted from this program. IOLTA forms the bedrock of our ability to help others in accordance with our mission. Through this change, Oklahoma lawyers have greatly strengthened our profes sion’s ability to have an impact where human need is most urgent. Thank you to everyone involved in this effort and to the OBA Board of Governors for their support!

The new amendments to Rule 1.15 correct the problem and ensure that banks and other qualifying financial institutions treat IOLTA accounts fairly and equally – the same as accounts of other non- lawyer depositors. Importantly, the rule accomplishes this with out regulating banks and without imposing any new requirements on Oklahoma attorneys. A financial institution’s partic ipation in the Oklahoma IOLTA program has always been vol untary, and so it will continue to be. Each institution will continue to set its own depository inter est rates based on the factors it normally considers. Each institu tion will also continue to decide whether to meet the requirements necessary to be qualified by the OBA Office of the General Counsel to offer IOLTA accounts – the same as in the past. Similarly, Oklahoma attorneys will proceed as usual. When an attorney seeks to open a new IOLTA account, the attorney can check with the Oklahoma Bar Foundation to identify financial institutions qualified to offer IOLTA accounts. In the unlikely event an institution decides not to pay the same rates on IOLTA

Valerie Couch serves as the 2022 Oklahoma Bar Foundation president.

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THE OKLAHOMA BAR JOURNAL